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Softbank snaps up 70 per cent of Sprint Nextel
15-10-2012 10:59
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American phone company Sprint Nextel shot up as much as seven per cent in pre-market trade in New York after Softbank confirmed that it will acquire a 70 percent share in the company for 20.1bn dollars.
The deal will be the largest acquisition ever made by a Japanese company.
According to a statement by Softbank, the operation will take place with a direct purchase of $8bn of Sprint's treasury stock, while the remaining $12.1bn will be acquired via market transactions.
Softbank says both boards of directors have approved the deal and that they expect the transaction to close in mid-2013.
MG
The deal will be the largest acquisition ever made by a Japanese company.
According to a statement by Softbank, the operation will take place with a direct purchase of $8bn of Sprint's treasury stock, while the remaining $12.1bn will be acquired via market transactions.
Softbank says both boards of directors have approved the deal and that they expect the transaction to close in mid-2013.
MG
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